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    Modelling Financial Satisfaction Across Life Stages: A Latent Class Approach

    18260.pdf (211.4Kb)
    Access Status
    Open access
    Authors
    Brown, S.
    Durand, Robert
    Harris, Mark
    Weterings, T.
    Date
    2014
    Type
    Journal Article
    
    Metadata
    Show full item record
    Citation
    Brown, S. and Durand, R. and Harris, M. and Weterings, T. 2014. Modelling Financial Satisfaction Across Life Stages: A Latent Class Approach. Journal of Economic Psychology. 45: pp. 117-127.
    Source Title
    Journal of Economic Psychology
    DOI
    10.1016/j.joep.2014.09.001
    ISSN
    0167-4870
    School
    School of Economics and Finance
    Funding and Sponsorship
    http://purl.org/au-research/grants/arc/DP110101426
    http://purl.org/au-research/grants/arc/DP140100748
    URI
    http://hdl.handle.net/20.500.11937/18280
    Collection
    • Curtin Research Publications
    Abstract

    We explore the determinants of financial satisfaction using a modelling framework which allows the drivers of financial satisfaction to vary across life stages. Given that financial satisfaction is measured as an ordered variable, our modelling approach is based on a latent class ordered probit model with an ordered probit class assignment function. Our analysis of household survey data indicates that four life stages are supported by the data. Our results suggest that such flexibility is important in understanding the drivers of financial satisfaction over the life cycle since there is a substantial amount of parameter heterogeneity across the four classes.

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